Cignal (now trading as Cellnex Ireland) is one of the largest telecom tower companies in Ireland.


August 2015


September 2019






Infrastructure II

The portfolio was initially developed as the telecom division business of Coillte Teoranta, the Irish state forestry company. We invested in the business in 2015 creating the company from scratch and executing a complex carve-out operational from day-1 with no disruption to the business. Cignal delivered on the revenue growth capturing numerous commercial opportunities increasing significantly its rent roll and tenancy ratio. A transformational built-to-suit program was contracted from telco operators, in parallel with site-portfolio acquisition and the development of a dynamic single-site-acquisition strategy. Diversification of the business was also implemented with innovative rooftops, FTTT and street-work solutions being brought to the Irish market. Cignal has evolved under our ownership from a pure site leasing business to a fully functional, wholesale and open-access pure towerco.

We exited the business in 2019 after this cycle of transformational growth. At this time, Cignal owned and operated a portfolio of over 500+ wireless infrastructure assets including towers and ground assets hosting third party owned structures.

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